Housing body may take on Cidco for levying transfer fees

A senior Cidco official said that any changes in the title of the land will naturally attract transfer charges as Cidco is the lease holder. Changes in this regard has to come from the state government

NAVI MUMBAI: The city co-operative housing federation may move the court against City and Industrial Development Corporation (Cidco) for levying transfer charges every time a property is put for sale. A resolution to this regard was taken during its annual general body meeting held on August 24.

K S Narayanan, vice chairman of Navi Mumbai Federation Co-operative Housing Federation said the property owners have been paying transfer charges repeatedly for over two decades. "Until 1980s, there was no such clause in the contract, executed between Cidco and buyers. But in the 90s, a resolution was passed by Cidco board, making payment of transfer charges mandatory with retributive effect. This was in clear violation of the Indian Contract Act, where one party decides to alter the contract that turns detrimental for the other party."

Subsequently, the federation is going to issue notices to 2,000 cooperative society members seeking their consent for the move. "Flat owners are the directly affected and, through them, a legal petition can be filed," said A K Bhattacharya, chairman of the federation.

Even the residents are supporting the federation. "Considering that a resident purchases a flat for lakhs, he should be the owner and, therefore, not entitled to take an NOC from anyone while reselling it," said Belapur resident Sudhir Dani.

A senior Cidco official said that any changes in the title of the land will naturally attract transfer charges as Cidco is the lease holder. Changes in this regard has to come from the state government.

Latest Realty News

To minimise the delay in granting clearance to forest diversion proposals for infrastructure projects, the Ministry of Environment and Forests (MoEF) has issued an advisory to all the states asking them to set up a land bank of degraded, non-degraded and non-forest land so that projects are not held up on account of the search for non-forest land to carry out compensatory afforestation

Bankers and investors around the world are extremely nervous these days—the latest data from China indicates an increasingly bleak scenario is rapidly accelerating into focus.China's property market is teetering on the brink of disaster.

E-commerce is no longer limited to apparels, gadgets and white goods — consumers are even buying houses over the internet. Tata Value Homes, a subsidiary of Tata Housing Development Company, for instance, sold about 85 flats on Snapdeal within a week of putting some of its projects online

Indian real estate market witnessed a significant change in the last decade mainly backed by opening up of FDI in the sector and shift in preference to high-rises over traditional low-rise structures, according to a report

The city's high-end residential segment has shown a smart 39% rise in capital value in the 2011-14 period — the highest any market has shown in the country, a report by real estate advisory company Cushman & Wakefield has said

The residents of old and dilapidated buildings have reason to cheer. Chief minister Prithviraj Chavan has given his nod to the long-pending demand for 2.5 FSI on Tuesday, ensuring faster redevelopment of these buildings, constructed by City and Industrial Development Corporation (Cidco)